OMG ! what did i do at auction.com?

[Marci Stein]

Saw a house that starts bidding tomorow, and placed a $20,000 bid. 

I didn't  know what a "proxy "bid is, and now I think I read that auction .com will 

do incremental bids for me at 20,000 a shot. Is my understanding of proxing bids right? 

I do not want to pay more than $20,000 for the house. 

Will I lose my 2,500 deposit iI refuse 

to pay? is there a way to place my  highest bid, which is 20,000? 

THANKS!